The Oyo State Government has fulfilled its financial commitment to Osun State by completing the payment of N5 billion as part of the ownership transfer agreement for Ladoke Akintola University of Technology (LAUTECH), Ogbomoso.
The payment finalizes the terms of a 2020 resolution that granted Oyo State sole ownership of the institution, which was previously co-owned with Osun State. The arrangement, brokered by the National Universities Commission (NUC), followed years of joint administration challenges and management disputes between the two states.
In a statement issued by the Oyo State Commissioner for Finance, Mr. Akinola Olatunji, the government confirmed that the last tranche of the agreed sum was remitted earlier this month, marking the conclusion of all financial obligations to Osun under the ownership disengagement pact.
“This payment reflects our administration’s commitment to honoring agreements and advancing education. LAUTECH now fully belongs to the people of Oyo State,” the statement read.
The Osun State Government also acknowledged receipt of the full amount, expressing appreciation for the peaceful and orderly resolution. A senior official in the Osun Ministry of Education noted that the funds would support key infrastructural and educational development projects within the state.
LAUTECH, one of Nigeria’s leading state-owned universities, has seen improved stability and governance since the ownership transition. Stakeholders have welcomed the full transfer, citing better funding, infrastructure upgrades, and policy consistency as key benefits.
The development marks a new chapter for the institution, as Oyo State positions LAUTECH to become a flagship university in Nigeria’s southwest.
source: punch.ng
